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Jan 5, 2013 6:20pm EST
about avoiding the tax hikes. then dave camp call for spending cuts and the elimination of tax loopholes. >> hi, everybody. over the past year as i traveled across the country campaigning for this office i told you if i was fortunate enough to be re-elected i would work to change the tax code that will benefits the wealthy. this week we did that. for first time we raised taxes on the wealthiest 2% americans in a bipartisan way and avoiding a middle-class tax hike that could throw the economy back into a recession. 97% of small businesses will not see their income taxes go up one dime. we maid sure that millions of families will continue to see tax credits. companies will continue to receive tax breaks for the research they do, investments they make, and the clean energy jobs they make. two million americans that are out of work will continue to receive unemployment benefits as long as they are actively looking for a job. we still need to do more to put americans back to work while also putting this country on a path to pay down its debt. our economy can't afford more showdowns on the man
FOX News
Jan 5, 2013 8:00pm PST
of the economy. the other problem is, it does affect tax revenues. the guys with the green eye shades say well if we raise the taxes this much, we'll get this much more revenue. if you lower the incentive of people to take risk, generally what happens, revenue does not come in. >> paul: you don't get as much as you think you'll do. >> exactly. >> here, mary, look, the economy seemed, the stock market loved it, the hs blew out the next day and up based on the prospect that something would get done. housing markets recovering. i mean, the economy, the job market not great still, 155,000 new jobs, but the economy does seem to be doing okay. >> well, i think that's probably right, the economy will do okay, but when you have unemployment at 7.8% and it's really stubbornly not pudge r budging, you want to do something-- something more for the economy than just okay, than muddling through. i mean, if you're the president and you can fly back and forth to hawaii, you're not feeling it, but there are lots of people who are feeling the malaise of the economy, the low, slow growth. so, i think it's disap
FOX News
Jan 6, 2013 12:00pm PST
. the other problem is, it does affect tax revenues. the guys with the green eye shades, if you raise the taxes we'll get this much more in revenue but if you lower the incentive of people to take risks generally that revenue doesn't come in. >> paul: so you don't get as much as you think. mary, the economy seems to be -- the stock market loved this. they blew out the next day and based on the prospect something would get done. how long go market is recovering. the economy and job market still not great, 155,000 new jobs, but the economy does seem to be doing okay. >> i think that is probably okay. the economy will do okay. but when you have an unemployment at 7.8% and really stubbornly not budging, you want to do something that something more for the economy than just okay, muddling through. if you are president you can say why you are feeling it but there are lot of people feeling the slow growth. it's disappointing we weren't able to do something has more of a positive impact. >> there were a couple big words attached. one was uncertainty, the economy needed certainty and the other
Jan 7, 2013 7:00am EST
the new cost of living cut and offer something to the republicans like no capital gains tax. they are always talking about growth. >> here is a facebook, and. jimmy writes -- join the conversation on facebook. look for c-span. caller: we have to cut spending. it is driving the rest of the country into dirt. washington has no clue what is going on 50 miles from the capital. it is sad what is happening. there are so many closed businesses and people out of work. be government has distorted acres. -- figures. they have to cut everyone who works for the federal government so they understand they are servants of the americans, not the other way around. if they start doing away with some of these departments that do nothing and make growth and possible in this country. we must wake up. host: are you concerned about the debt limit? there has been some enabling of the accounting so we we have more time before we hit that limit. caller: the government is spending money faster than they had the authority to borrow. we are going to have to make good for the money we have spent. in the
FOX Business
Jan 6, 2013 2:00am EST
tax advantage. international etf . i am a believer in upon index funds and spending your investments around the world. >> ben? >> i love it . spiders. index fund. >> are they going to beat stocks. >> i don't thi they would. i like adams more than bens. ann forbes on fox. >> forget tax hikes in the new year. is the bigger worry the 77,000 pages of new regulations for making it illegal to own more than four cats and releasing wild hogs in the wild and using or serving single serve water bottles and regulations health care law. is it about to dry up the job market? hi, everybody. welcome to forbes on fox and go in focus with teave, rick and elizabeth and rich and morgan and victoria. now, rich. there are a lot of silly things and important rules and regs that are going to affect small business necessary america, right? >> you are right about that. you should look at financial regulations which makes it still hard for small businesses to get loans. health care regulations, obama care is it adding a cost burden evewhere you look behind ery nook and cranny. environmental regulations that i
FOX News
Jan 5, 2013 8:00am PST
thingings. but the bottom line regulations are a tax on business. are they not? >> they are indeed and people who love regulations make it a choice between anarchy and reguleses. in term of job creation and having bankings. i know a midsize bank had to hire a thousand people of compliiance and that means fewer loan officers. regulations are a burden pure and simple . the p.m. claims to be for maul business and jobs and yet he comes out with a basket full that hits at jobs. >> rich put it in the right way n from the beginning. they have to hire someone to keep track of all of the regulations and that is hiring that is not going to growing and productivity and growing the economy. it is it sneaky stuff. you can see it wreaking havoc in the university system. every one teacher, you have more than or one administrator. >> that's where my tuition money is going. >> they haveg wellulations to keep up with. >> rich, you are right there and made a lifetime of studying the way business works. do you hear people complaining and saying this will prevent me from hiring more people because i ha
FOX Business
Jan 11, 2013 5:00pm EST
but did you know why it might have been moved, to avoid taxes. we'll drill down on those details. plus ditching the gas tax by the side of the road. virginia governor bob mcdonnell, wants his state's 17.5 cents gas tax gone for good but he wants to raise another tax instead. he will join us in a fox business exclusive to tell us how it all shakes out. >>> a landmark decision in the sports world. major league baseball will start random in season testing for steroids. will the help its tarnished image and bring in ticket sales? we have former cincinnati reds pitcher, rob dib bill. even what they say it is not it is always about money. melissa: all right. first let's take a look at the day's market headlines. stocks reversed early losses capping off the week with modest gains. the dow gained 17 points to close at its highest level since october 18th. investors were less anxious whether the vix, also known as the fear index slid further. it is now at its lowest level since june 19th of 2007. gold prices fell 1% to end the week. fox business's sandra smith reports the loss is partly attribu
FOX Business
Jan 8, 2013 12:00am EST
like the backpacks. 77% ofmericans saw their taxes go up this month and it could be just the beginning. what it will mean for you and our economy in today's "money" power panel. my favorite professors back from the university of chicago. spencer patton, what do you think? you open "the new york times," just opening the door to a whole new wave of texas. -- taxes. are you thrilled about this come is a great idea? >> if you want all this government and you have to pay for it, the truth is if we don't/government spending, you have to raise taxes on the middle class. the problem is there's no guarantee the higher taxes will go to reduce the deficit the government might just spending . money has been spent on relief aid for hurricane sandy. melissa: that is absolutely true. do you think if we give them more moneyhey will spend it -- is to die and pay their bills? >> america is already too vat already. i think it is exactly right. wh is the marginal expenses from a marginal dollar of taxes raised? is it less than a dollar? three years out it will be more than a dolr so if you raise a dollar
Jan 6, 2013 10:30am EST
cliff. first, president obama calling on congress to avert middle- class tax cuts followed by republicans responding later the same day. then from new year's day, debate over the fiscal cliff and house of representatives. later, the president talking about the fiscal cliff agreement from the white house briefing room. now, president obama on new year's eve, and on congress to avert the so-called fiscal cliff and middle-class tax hikes. [applause] >> happy new year to you. >> hello, everybody. thank you. everybody have a seat. good afternoon, everybody. welcome to the white house. i realize that the last thing you want to hear on new year's eve is another speech from me. but i do need to talk about the progress being made in congress today. for the last few days, leaders of both parties are working toward an agreement that will prevent a middle-class tax hike from hitting 98% of all americans starting tomorrow. preventing that tax hike has been my top priority. the last thing that folks like the folks appear on this stage can afford right now is to pay an extra $2,000 in tax
Jan 5, 2013 5:00am PST
the taxes go up because the expiration of the tax cut first proposed by obama. this tax raised for the vast majority of wage earners was basically a foregone conclusion. the rarest of things in washington a totally nonproposition. grover norquist shrugged it off. >> obama was the guy who said this is a tax holiday. calling it a tax holiday suggests they viewed it as temporary. holidays aren't permanent. >> you may say the parties to this deal were trying to reduce the deal. and saved $100 billion. well, yes. but then congress came around and pass sensitives, breaks that will cost $68 billion in this year alone. in other words, congress saved money by allowing taxes of wage earners to go up and it took 72% of those savings and turned around and gave them a way to, among other nascar to subsidize racetracks, hollywood to subsidize film production and wall street which maintained a $9.4 billion loophole called the active financing reception. all the back and forth over the fiscal cliff and top marge anal rate and chain cpis these deals were never discussed or negotiated over. there's always a
FOX Business
Jan 7, 2013 8:00pm EST
to tax pace ipayers in the usa. why can't we garnish fannie for not paying us? that is the story folks that people are missing today. not that a major bank is paying 10 billion smackers to settle some loans with fannie, don't you find it odd that fannie is taking -- when taxpayers continue to get the shaft, a most gang lender -- mortgage lender whose little bi politicas date back to the clinton days? and the beneficiaries of bailout who collective are second to none, that does not make sense. it does not represent so much as a drop in the bucket. government watch dog, said that is the problem with bailouts, taxpayers keep losing out. tconsideratioty young is here t. the markets were sanguine on this, saying no surprise, blah, blah, blah, but i think it is offensive. >> of course, it is offensive, when bank of america took over countrywide loans under tarp the federal government agreed to payback any losses that bank of america had, when bank of america writes a $10 billion check to fannie mae, tax payers will be on the hook, the executives of fan may and freddy hacker losing money, and
FOX Business
Jan 6, 2013 4:00am EST
taxes >> you can't. all the taxes will run the government for about eight or 10 days. its the president to stand on the necks of those surveyed money and say you have to pay more. it will not affect the budget or the life style as much as what they will do to create new jobs. but they won't because they don't know how much they will be asked to pay their fair share. tell me a percentage. fe will not do it. right now the average person will pay almost 44 percent of federal taxes and including state or local. how much is enough? gerri: here in new york city will local taxes and real estate it is almost that 60 percent. succession dollars going to3 government it is almost too much to take. talk about the do nothg congress. the debt ceiling and this week people are getting paychecks for the first time. >> people will be surprised the president said if you make less than $250,000 you will not pay one dime. they are paying a lot of times. making $50,000 will be on the hook of additional $1,600. you don't have that to give the government so they can waste it to borrow more money. it will hit p
FOX Business
Jan 4, 2013 6:00pm EST
will raise taxes. you can't raise taxes enough to cure this problem. >> you can't. all the taxes will run the government for 8-10 days, so it's not really anything other than symbolic. the president having the ability to stand on the backs of people who have made money in say, we got you. will make you pay more. the trouble is, it's not going to affect the budget. it's not going to really affect the lifestyle of the people who are going to be hit by higher taxes as much as it will affect what they will do in creating new jobs which means they won't because they don't know how many more times someone will reach into the pocket and ask them to pay what liberals love to call the fair share. i tried to get people to tell me, give me in number, tommy a percentage. what is the fair share? they won't do it because right now the average person who is to over 400,000, such a villainous group, they're going to be paying about 44% just in federal taxes, does not include state and local, 44%. how much is enough? gerri: if you are here in new york city and your pain real-estate taxes and local taxes,
Jan 8, 2013 8:00pm EST
. there are property tax issues, and the consequences felt by all of us. >> mr. miller, do you have anything to add to that? in particular, road blocks to solutions. >> i don't know whether we have hit bottom or not. one of the rules of economic, if something cannot go on foreign, it will stop, and some of the force pushing down the housing market can't go on forever. we have had -- new households have not been forming, so people are continuing to live we three or four roommates or live in their parents' basement or whatever. that can't go on forever or we'll have some very unhappy families. we already do. we're going to have to replace the housing stock at some point. there are some parts of this that can't go on forever. but there is still a lot of very -- a lot of family pressure, still ten million americans who owe more on their house than their house is worth. that means, as the introduction said, they can't just sell their house if they get into trouble. so we have a lot of foreclosures still in front of us, and the cycle of foreclosures causing equity loss, equity loss causing foreclosures,
Jan 9, 2013 7:00am EST
. will there be another broken promise a tax and benefit changes he is making are making women -- come down a bit too. will he admit the tax incentive changes he is making are hitting women -- >> the questions must be heard and the answers from a prime minister must be heard. >> you will be able to speak when the document is published. there are more women at work than at any time in our history. pension reforms are helping women, public sector pay freeze which excludes the lowest paid is helping women and we are helping women with extra child-care. but mr. speaker, what a contrast between a government that is prepared to publish every piece of information and the party opposite cannot even apologize for the mess they left this country in. >> after that answer is no wonder he didn't take questions from women journalists at a press conference. let's turn to his biggest broken promise of all. the chancellor, hard-working people and the most honorable, at the same time he is giving this april a massive tax cut to millionaires. a candid assessment, won't you have to admit that he has broken that symbolic
FOX Business
Jan 6, 2013 1:30am EST
of checks and lots of folks because taxing the rich ain't covering the bill. even with a billion dollar tax hike on the wealthy the next ten years, that wks out to about 60 billion bucks a year, barely enough to keep the government running for a week. and like i said, there not cutting anything and i mean anything. so, we have to find a way to keep feeding the beast. and just taxing the rich ain't going to satisfy even if you took their money, every last cent. ten years out our debt would be higher than it is now, you have to move down the food chain. you have to move down, well, to you, to the under 400 and under 450 grand crowd and i think way under. i'm thinking 50 grand and over, has just started. hike all of their taxes and i think conservatively 5% all of them and still doesn't cope up with the growth spiraling out of control programs like medicare, medicaid, and social security. and i haven't even touched defense, don't get me going upon defense. just to sustain what we clearly don't want to cut now. we would have to raise everyone's taxes a hell of a lot more than anyone could even
Jan 5, 2013 12:30pm PST
in congress, i will sign a law that raises taxes on the wealthiest 2% of americans. >> cliff averted. or at least half a cliff. in the senate, the vote was 89- 8. get this. vice president joe biden and republican senate minority leader mitch mcconnell negotiated the compromise that permitted the senate vote. the house was tight. 257-167. here are some elements. income tax rates on the wealthy, up. individuals who make more than $$400,000 per year and couples who make more than $450,000 per year. these americans will pay nearly 5% more in income taxes. capital gains taxes and dividend taxes, up. for those same high earners from a current 15% to 20%. income tax rates unchanged for everyone else. the rates stay the same. unchanged. but middle class citizens will take a tax hit. not in income taxes but higher payroll taxes. social security payroll taxes up 2%. on average, an extra $1,000 a year will be paid into social security by workers who make $50,000 per year. the percentage of u.s. households that will feel the pinch from these higher payroll taxes is 77%. question, why did 151 hou
Jan 7, 2013 6:00am PST
mcconnell drew a line in the sand saying though republicans are willing to work on tax reform as part of upcoming budget negotiations, new tax revenue is, "absolutely off the table." >> we've resolved the tax issue now. it's over, it's behind us. >> the tax issue is over. >> the tax issue is over, finished, completed. >> that may be mcconnell's view and not the view from the white house or democrats. they say new revenue is needed, mainly by scaling back tax breaks for the welty. >> these loopholes where people can park their money on some island off shore and not pay taxes, these are things that need to be closed. we can do that and use the money to reduce the deficit. >> is that done now? is the revenue side of it taken care of yet? >> no, no. >> if mitch mcconnell is going to draw that line in the sand, it is going to be a recipe for more gridlock. >> meanwhile chatter among republicans calling for a republican shut down is building the two republican in the senate it may be necessarily to partially shut down the government to secure the fiscal well being of our country. mcconnell
Jan 4, 2013 8:00pm PST
cooperation like ringing in the new year by counting down to a midnight vote to raise taxes. by the time the fiscal cliff drama drew its only temporary conclusion this week, speaker boehner was pledging not to negotiate with president obama, president obama was promising not to negotiate over the debt limit, and vice president biden seemed like the only one left in a good mood. >> public service was never meant to be an easy living. extraordinary challenges demand extraordinary leadership. so if you've come here to see your name in the lights or to pass off a political victory as some accomplishment, you've come to the wrong place. the door is right behind you. >> i think most of our members, and we are never unanimous, but we do have consensus, most of our members know that for the president to have leverage on the next hurdles that we face that we had to get over this hurdle. gwen: the president signed the budget bills after resuming his holiday vacation in hawaii and before congress today officially certified the electoral college vote that will return him to the white house. but thin
FOX Business
Jan 4, 2013 9:00pm EST
in the new taxes to pay with the health care law. you cannot pay a fraction just hitting the rich. $60 billion per year does not cover one report of interest on the ballooning deficit. the fallout predictions and? more taxes are coming. they will be sneaky with deduction minutes for now. then for everyone. it is reality. there is no appetite to cut spending. what do we do? an additional the option when you give up on the smart option to tax the hell out of everybody. look at your paycheck. it is just starting. have a wonderful weekend. >> have you checked your paycheck? it was less and give before we were saved. the fight of one upstate new york town could have sweeping the runovers -- owners. welcome to "the willis report." >> hello everybody the debt is ballooning but economic recovery is full of hot air. the month of december when the to 55,000 jobs were created but the national debt grew 780,000 times faster. we have former governor huckabee. welcome back. happy new year. we are racking up $16 trillion in debt but it is $129 billion that is unbelievable. >> $50,000 per second
Jan 8, 2013 1:00pm EST
those individuals who are not dependent on their social security benefits taxed they might be working part time. you look at the person who is 85 or 86 and often, their pension was not indexed for their money. their spouse has passed away, they are, in general, tougher and -- financial circumstances. it is not that i would not have some sympathy for changing benefits, but i would like to do is lower the most for those who are most capable of withstanding the reduction. >> what do you say? >> i think the most important point to make about the change cb i is it saves you very little in the long run. it raises you very little on the tax side. if that's the only thing we are contemplating, i guess we talked about eligibility for medicare but we were not talking about sufficient reforms to fix the problem we face. while historically, the chain cpi may have gone up by two or three points less than the cpi w use, there is no guarantee. is just a forecast. -- that is just a forecast. we could save more or less depending on how things work out in terms of real reform, i would much rather look
FOX Business
Jan 7, 2013 6:00pm EST
their benefit cards at strip clubs and other x-rated establishments. and nancy pelosi says the latest tax deal in congress does not go far enough this is $100,000. we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally. gerri: yet another battle looming in washington. in a number of weeks, the u.s. is set to said they had a $16.4 trillion limit. by the time that ends, we will be closer to that. a top democrat is making it clear that she wants more taxes. joining me now is pete carney, political columnist for the washington examiner. welcome back. it's great to have you here. >> and your. gerri: i am, of course, talking about nancy pelosi. >> it's not enough. we have already agreed to a trillion dollars in spending cuts. the. gerri: were you talking about them? more taxes? >> we are talking about the tax code. closing loopholes, $38 billion right there. gerri: holy cow
FOX Business
Jan 7, 2013 9:00pm EST
at strip clubs and other x-rated establishments. and nancy pelosi says the latest tax deal in congress does not go far enough [beep] [indistinct chatter] [kids talking at once] [speaking foreign language] [heart beating] [heartbeat continues] [faint singing] [heartbeat, music playing louder] ♪ i'm feeling better since you know me ♪ ♪ i was a lonely soul, but that's the old me... ♪ announcer: this song was created with heartbeats of children in need. find out how it can help frontline health workers bring hope to millions of children at gerri: yet another battle looming in washington. in a number of weeks, the u.s. is set to said they had a $16.4 trillion limit. by the time that ends, we will be closer to that. a top democrat is making it clear that she wants more taxes. joing me now is pete carney, political columnist for the washington examiner. welcome back. it's great to have you here >> and your. gerri: i am, of course, talking about nancy pelosi. >> it's not enough. we have already agreed to a trillion dollars in spending cuts. the. gerri: were you talking
Jan 8, 2013 2:00am PST
. good to have you with us. here's what we have for you in the next half-hour -- tax evasion, why suisse consultants are helping greek companies. donations, why saudi arabia is building mosques in europe. and child abuse, why british victims are speaking out now. it is official -- cyprus is the latest patient that needs an injection of aid amounting to billions from its european partners. in these times of crisis, it has become obvious that the small country relied on its fine it -- financial sector to much, and toxic loans and bad speculation eventually tipped to the banks over the edge, so now cypress wants to be bailed out by europe. in return, international lenders want cyprus to introduce reforms and strict austerity measures. these would involve job losses and pay cuts, which is bad news for many cypriots who are already struggling to pay their bills. >> a decade ago, this dancer and musician was a star in cyprus, performing in clubs or appearing on television every night. women were at his feet. they called him the palomino of nicosia -- the ballerino of nicosia. now he and his wi
Jan 6, 2013 4:00pm PST
america from falling off the fiscal cliff. most taxes won't go up but nobody is talking about the big one that does go up and it affects almost everybody. >>> and the fun and games are not over yet. the next battle facing a dysfunctional government is coming in just a few months. why one former ceo says he feels and america is going to hell. >>> and a fashionable forecast. the man behind more than a dozen luxury brands tells us what's hot and what's not. "on the money" starts right now. >>> this is america's number one financial news program. "on the money," now, maria bartiromo. >> here's a look at what's making news as we head into a new week on "on the money." december jobs report was out. the labor department says that the economy created 155,000 new jobs for the month. that was slightly below expectations. the unemployment rate stands at 7.8%, which is actually unchanged from november because november was revised upward to 7.8%, as well. well, after a painful and protracted battle in government, president obama signed a compromise bill avoiding the fiscal cliff. it makes the bush era
Jan 3, 2013 11:30pm PST
equipment to answer legislation on this and finances district proceeds are basically tax increpts that is baseline established and growth above that baseline of what pedestrian interest tax and so it's similar to increment financing and these are at the growth and tax of project's cause that otherwise go to the taxing entities pribblely the generally fund and we hold those proceeds to repay the investment and infrastructure. so no, to the proposed policy. there has been a long tradition both in the charter and in the burton act that the harbor fund is a self supporting the port is a self supporting enterprise and the city obviously, we pay for that was we purchase from the city and we want to maintain a balance so that the 50 city is not subsidizing the hash fund for our activities and the general services that we require from the city and so we have under taken a nexxus analysis in 2004 and eight that looks at the balance of payment and the next is the methodology that ports with long term leases where the tenants pay tax they pay ampleel tax to be provided these services lik
FOX News
Jan 5, 2013 10:00am PST
quote into 2013 without the tax issue resolved they'd be pummelled day after
Jan 3, 2013 7:00pm EST
district of oklahoma. >> all right. how about no more tax hikes in the house? that's one of the things -- >> i'm for it. >> yes, i figured you would be -- congratulations i'm a supply-sider. but you know that obama is going to come back with another massive tax hike. he -- we're going to see this before the winter is out. you know that. it's going to be 6, $700 billion and going to put limits to various deductions for upper and so-called rich people. what will john boehner say? that was his original view, it didn't happen. now it's going to come back and bite him in the keister. how is he going to get around that? >> it's a good question, larry. i think speaker boehner is a deal maker at heart. he wants a grand bargain with the president but he reads the writing on the wall. he sees someone like congressman bridenstein coming in and the main threat in the house, eric cantor, and he said i won't have any kind of rate increases in 2013 because my congress won't go there. >> mr. bridenstein, is that what boehner was messaging you? okay, eric cantor, a friend, he's a pro-growth guy, but i
Jan 6, 2013 6:00am PST
the reality of the u.s. congress. it got a deal that raises taxes on the upper brackets and prevents for now huge spending cuts. it's moved on to the issue of avoiding a u.s. default. >> the president needs to show up early this time. >> republicans say they are done raising taxes. they want the president to agree to spending cuts in exchange for raising the amount of money the u.s. treasury is allowed to borrow. the president wants the debt ceiling raised without debate. but be serious, this is washington. >> any future budget agreements must balance the need for thoughtful spending reductions, with revenue from the wealthiest among us and closing wasteful tax loopholes. >> joining me now to tell us where this is all headed, the senate's number two democrat dick durbin of illinois. good morning, and happy new year, senator. thanks for joining us. can you get a deal on the debt ceiling? can you raise that debt ceiling without agreeing to some spending cuts? >> well, i think we're going to need both. what the president has said is we need some balance here. from this point forward -- >> excus
FOX News
Jan 7, 2013 1:00pm PST
that clip b nancy pelosi saying we will look for more tax increases this year. you have the two sides talking totally past each other. the republicans saying hell no, you just had the tax increase. this weekend people like dick durbin and nancy pelosi said we want even more revenue. the point i'm making neil what i came away from with the conversation with the speaker is this is only the second inning of in budget fight and we will see this as a protracted battle on the debt ceiling, on the sequester and continuing resolution. we will see this over and over again over the next six to nine months. >> neil: one of the things i love about not only your reporting but your akron is you cut to the core of the problem. and you explain to me, maybe i was a dope after the fact, i realize reading your account of this, that is why we are not getting anything done because they just don't think we have to. >> and let me relate one other thing that i found was really fascinating -- >> neil: that the president watches me all the time? i already know. but go ahead. >> we have the whole fiscal cliff d
Jan 6, 2013 12:00pm EST
winning dual will talk about the american dream, tax reform, and the u.s. health care system. the vanity fair riders have authored a book together including america, went wrong, critical condition, and their 2012 release, the trail of the american dream. >> donald barlett, when did you and james steele start working together? >> guest: 1971. >> host: how did you meet? >> the newsroom of the philadelphia inquirer. it was interesting. we were both hired. >> guest: we actually arrived on the same day. >> guest: same day. we never knew each other and had almost no contact area are first-year. >> host: who teamed you up? >> guest: someone at the paper, the paper and recently changed ownership, and he was very interested in projects, investigative projects, enterprise journalism, and he thought that the two of us who were newcomers might be able to work together. somehow or another ordains that this would happen. very often that does not work in journalism. sometimes they don't like to work together, but we tried to experiment. so far so good, as they say. >> host: why did it work for so long?
Jan 5, 2013 6:30am PST
, randi and victor. see you at the top of the hour. for the first time in 20 years, higher taxes for america's richest taxpayers. oh, but it's still very good to be rich in america. good morning. i'm christine romans. it redefines who is rich and who is not and sets the bar pretty high. individuals making more than $400,000 and couples making more than $450,000 will jump from 35% back to 39.6%. setting the bar at $400,000 instead of the $200,000 the president wanted means only 0.7% of tax filers will be hit with that rate increase. the top top earners came out pretty well after all. it's true, they also face higher taxes on their investments. the rate on dividends and capital gains rises from 15% to 20%. but it could have been worse. the idea to tax investment income as ordinary income subject to a 39.6% rate was scrapped. that saved millionaires and billionaires billions. and, yes, estate taxes are rising from 35% to 40%, but how about this sweetener for the wealthiest americans? the first $5 million of an estate is exempt. it could have been $1 million. and that exemption will
Jan 7, 2013 12:00am EST
are dealing with today. if congress had not enacted these tax cuts, the bush tax cuts, if congress had not opened a new loopholes, we would not be having discussions about the dangers of the federal deficit. tax cuts did not just that in the bank accounts of rich people to, they plunged the nation deeper into the red. >> guest: absolutely, and that think written about taxes and deficit finance for many years. and until we looked into it for this book we did not fully realize just how egregious those revenue losses have been. this is the point we make. a lot of people think what is happening in the economy, all this is inevitable and we are just -- the rest of the world is catching up with us and that is where incomes are stagnant and all this business. we show that it is very much because of public policy. these things are just not happening and and and. taxes are a perfect example of that. i mean, none of the statistics in the book -- one of the statistics in the book that has stunned people, go back to the 50's and look at the richest americans, which is a specific number of people c
Jan 7, 2013 3:00pm EST
to believe that at the end of the year, the fact that dividend taxes go to 20% rather than much higher, some expectations, and capital gains taxes also 20%. good number there. but steve, let's talk about the uncertainty ahead. steve leisman, you've got the debt ceiling talks, a lot of people expect a big fight here. what do we need to know and focus on on the impact on stocks? >> the first is the disagreement over whether or not we're going to reach an employment level that will allow the government to stop buying assets. this time last year the fed was predicting an unemployment rate for the fourth quarter of the next year or 2012. that was up almost a percentage point higher than it ended up being. so the fed was too pessimistic about unemployment. if you do get a fast improvement in unemployment, then the fed may end up stopping easing faster than the market believes. the second thing we're finding out is a growing concern on the federal reserve about the exit strategy and the kind of impact it would have on the fed's balance sheet. if higher rates forces to take losses. and the kind of p
FOX News
Jan 5, 2013 9:00am PST
to do . that is it a tax and spend posiddings . how would they lose in a deal that gives them 45 -- $500 billion and no spending restraint. if i could fix taxes for nan percent of the americans it was the best deal to get. >> do you agree that you abandoned the core beliefs of the gop? >> no, it is it the other way around. taxes had gone up as of know judge 1st and no way ofing themm doup >> clayton: is it a republican or consebative deal to raise taxes. >> congresswoman. how bad is the device this time. >> we need to q. back and look at the whole picture that taxes were set to go up. democratics book in 2001 and 3 would not grate to a permanent tax rate and in a lam duck section . we had expircome at us and president obama and a crem crem house and extended them two hear queer ros. this is set to sign the republicans. >> this is a caught and the it is polico division . >> i count this as aks crin write. >> and it pressure how bad is it for you comments. we agreeded on it the to. the >> hover this bill. we recognize woy lost the lention and bowe advising the president on spending and he
FOX Business
Jan 7, 2013 9:20am EST
of our pockets accord to go goldman sachs. the combination of payroll tax cuts exspiring and higher rates on the wealthy hitting the economy hard. the second number, 80.4 billion, now, that's a record amount of your money the feds spent on food stamps in the last fiscal year and the final number, that's zero. that's how much in spending cuts president obama and democrats are willing to give in the next round of debt talks. but wait, there's more. cash for clunkers, the grand plan to get the auto industry on track. it's not only bad for the economy, but hurt the environment as well. "varney & company" is about to begin. karen anjeremiah. they don't know it yet, but they' gonna fall in love, get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science.
Jan 6, 2013 11:00am PST
as a percentage of our economy from 21% up to almost 25%. we've resolved the tax issue now. it's over. it's behind us. we were able to get permanent tax relief for 99% of american taxpayers. and for 500,000 small businesses. so that's behind us. what's left to be dealt with is the spending. and it's a shame that the president doesn't embrace the effort to reduce spending. none of us like using these situations like the sequester or the debt ceiling or the operation of government to try to engage the president to deal with this. but -- >> but you said that was a strategy, that's what you learned. i want to come back to the question. it's a hostage that's worth ransoming, the debt ceiling of the united states government. is that the strategy that you would ransom that here again to force the kind of spending cuts that you think are necessary? >> it's a shame that we have to use whatever leverage we have in congress to get the president to deal with the biggest problem confronting our future. and that's our excessive spending. >> but you're conceding that that may be the strategy this time? >> well,
Jan 11, 2013 7:00pm EST
is homeland security. and the tsa. did you get your paycheck today? notice something missing? the payroll tax holiday is over. will this middle class tax hike really damage the economy? "the kudlow report" begins right now. >>> first up tonight, a developing story. four democratic senators sent a letter to president obama late this afternoon. they want him to use any means necessary to raise the debt ceiling without republican house spending cuts. that's right. cnbc's eamon javers has the details. >> reporter: let me get right to exactly what that quartet of senators said. in their letter to president obama which was viewed widely as shoring up his left flank in the political debate over the debt ceiling. what they wrote was "we believe you must be willing to take any lawful steps to ensure that america does not break its promises and trigger a global economic crisis without congressional approval, if necessary." now the signers of this letter were harry reid, dick durbin, chuck schumer and patty murray. speaker boehner said "senate democrats cannot ignore their responsibilities for political
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